Overview

Investment Objective
The International Equity Portfolio (the "Portfolio") seeks long-term capital appreciation through investments in equity securities of companies based outside the United States.

Principal Investment Strategy
The Portfolio invests in equity securities of companies based in developed markets outside the U.S. as well as established companies in emerging markets. Harding, Loevner Management, L.P. ("Harding Loevner"), the investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive and whose shares are under-priced relative to their intrinsic value. The Portfolio invests in the common stocks of companies that are based in at least three countries. It normally holds 35-75 investments across 15-25 countries. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, currency and market capitalization.

The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.